NEW YORK – The launch of Blue Buffalo Pet Product’s initial public offering netted the company $677 million and a fifth-place ranking among largest IPOs in 2015. In June, the company filed forms with the Securities and Exchange Commission seeking $500 million.
The company’s IPO included 33.8 million shares priced at $20, but shares were selling around $27 by 12:30 pm Eastern. Existing shareholders — Blue Buffalo’s co-founders and private equity firm Invus Group LLC — sold the shares, according to a statement. The stock is listed on the Nasdaq Stock Market under the ticker symbol BUFF.
Wilton, Conn.-based Blue Buffalo specializes in production of all-natural cat and dog food products sold under the under its BLUE Life Protection Formula, BLUE Wilderness, BLUE Basics and BLUE Freedom lines. Bill Bishop founded the company in 2002 with his two sons when the family dog, Blue, became sick from cancer.